October Crypto Economic Calendar: What happened, and what to look out for this month

September saw a number of countries announce interest rate cuts, with the most notable being the US Federal Reserve Bank’s aggressive 0.5% drop. Crypto markets initially rose after the Fed’s announcement, but a sustained rally has yet to materialise and it was largely a choppy September. October has historically been a good month for crypto – will ‘Uptober’ live up to its name? Let’s see.

What happened in September? 

*Past performance is not indicative of future performance.

September has been another up and down ride for Bitcoin, with price volatility keeping traders and analysts guessing. The month kicked off with Bitcoin trading for around $58,000, only to see a dip to just below $50,000 by 9 September. Analysts pointed to weak US employment numbers as a key factor for the negative sentiment during this time, suggesting it may have also played a role in the Fed’s aggressive rate cut that followed later in the month.

Crypto markets bounced back in the lead-up to the Federal Reserve’s first interest rate cut in four years, and momentum continued after the 0.5% cut was announced on 18 September. The price of Bitcoin surged to more than $65k for the first time in two months, while altcoins like Aave and Fantom also surged more than 20% over 30 days. Ethereum, meanwhile, is up around 5% over this timeframe. 

The $65k level could be significant if it consolidates above the 200-day moving average of $63,900, as Glassnode notes. As other central banks  – like South Africa’s Reserve Bank and China’s central bank – follow the Fed’s lead, the question now is whether the extra liquidity in the global economy will be enough to reignite the crypto market’s early-year momentum.

What’s happening in October? 

What? US unemployment rate

?  When? 4 October 

Why investors care: The US unemployment rate is a key indicator of economic health, influencing consumer spending, corporate profits, and monetary policy decisions.

What happened last month? 

The unemployment rate in the US decreased to 4.20% in August, down from 4.30% the previous month.

What? US inflation numbers

?  When? 10 October

Why investors care: Inflation numbers show us how our money’s value is changing over time. It’s especially relevant now that other central banks are also cutting rates and introducing measures to boost their economies.

What happened last month? The US Consumer Price Index rose by 0.2% in August, bringing the 12-month rate to 2.5%, down by 0.4% from the previous month. 

What? European Central Bank interest rate decision

?  When? 17 October 

Why investors care: Investors will be looking for broader trends in the global economy, specifically whether other central banks continue to follow the Fed in their decision-making. 

What happened in the last meeting? The ECB cut interest rates by 0.25% in September. 

What? Avalanche Summit 

?  When? 16-18 October

Why investors care: The summit will explore Avalanche innovations and new blockchain partnerships.

What? Cardano Summit

?  When? 23 October

Why investors care: Key industry players attend the Cardano summit where important plans and other future upgrades to the project are announced. 

*This information is not intended to be nor does it constitute financial, tax, legal, investment or other advice; nor is it a call to trade. The information is intended as general market commentary for information purposes only. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Advisor.